Avalanche (AVAX) Slumps to 5-Month Low, Eyes $15 Support
Avalanche (AVAX) has extended its downtrend from a November peak of $24.02 to hit a five-month low of $15.35 on November 19. The token now trades around $14.62, below both its 21- and 50-day simple moving averages, indicating bearish momentum. On the 4-hour chart, each rally is capped at the 21-day SMA, and Doji candlesticks reflect moderate selling pressure. Key support lies at $15; a break could push AVAX toward its October low of $9.65. Resistance remains near the 21-day SMA and the $24 zone. Traders should watch for a rebound above SMAs or a breakdown below $15 to gauge short-term direction.
Bearish
Avalanche (AVAX) breaking below key support and trading under its major SMAs reflects strong bearish momentum. In the short term, a close under $15 could accelerate selling toward $9.65, as previous rebounds have stalled at the 21-day SMA. Over the longer term, AVAX must reclaim the 21-day moving average to restore buyer confidence; failure to do so would likely extend the downtrend. Historically, breaches of critical support levels often lead to deeper corrections, suggesting continued caution for traders.